A ministerial economic committee has been formed that will draw out the general framework for economic and monetary policies, as well as the promotion of investment, according to Prime Minister Sherif Ismail.
Ismail issued a decision on Thursday to restructure the economic ministerial committee under his chairmanship, according to a statement released by the cabinet. Members of the committee include the Governor of the Central Bank of Egypt (CBE) and the Ministers of Planning and Logistics, Finance, Investment, Tourism, International Cooperation, Petroleum, and Foreign Trade and Industry.
The decision specified the committee’s responsibilities, which include setting the general framework for the economic and monetary policies and the state’s trends in different fields, as well as research and study of all economic and financial issues referred to it to provide an opinion and the necessary recommendations for them and the relevant legislation.
According to cabinet spokesperson, Hossam El-Kawish, the decision enables the committee to take the necessary decisions to determine priority structural reform actions, and propose necessary policies to meet the challenges facing the economy.
The committee will coordinate with other ministerial committees to ensure the consistency of the economic, social and sectoral policies and their orientations.
The committee will further communicate with various political, economic and social circles’ tasks, to clarify the economic vision and the direction of the economic policy, as well as to communicate with the international community.
The decision gives the committee the powers to negotiate at the policy level with international and regional financial institutions, and to promote the Egyptian economy in various local and international forums.
The cabinet statement, however, did not address the monetary policy relating to the exchange rate or adjusting interest rates, although CBE Governor Hisham Ramez is responsible for these tasks in the ministerial committee.